scholarly journals The interdependence of Fiscal and Monetary Policies in an Emerging economy

2022 ◽  
Vol 11 (1) ◽  
pp. 19-33
Author(s):  
Elizabeth Bucacos
Keyword(s):  
Economic Policy ◽  
Price Level ◽  
The Other ◽  
Fiscal Deficit ◽  
Inflation Target ◽  
Monetary Policies ◽  
Good Practices ◽  
Mild Degree ◽  
Determining Factors ◽  
Fiscal Dominance

This article's main goal is to evaluate the degree of fiscal dominance in Uruguay in 1999-2019 to improve the understanding of economic policy for theoretical reasons and applied needs related to good practices and accountability. Two strategies are followed: one, to quantify the fraction of fiscal expenditures that are financed by monetary liabilities and, the other one, to analyze the effects of fiscal deficit on the price level and inflation because inflationary financing may prevent the central bank from reaching its inflation target. Both situations may subordinate the monetary policy to the fiscal policy, signaling fiscal dominance. In addition, through the analysis performed to assess the degree of fiscal dominance, it is possible to detect the main determining factors of the Uruguayan price level (inflation) formation during the last two decades. So far, preliminary results suggest that inflation is not exclusively a monetary phenomenon and point to some inflationary financing with a mild degree of fiscal dominance.

scholarly journals Macroeconomic policies and economic democracy in neoliberal Brazil

2015 ◽  
Vol 24 (3) ◽  
pp. 513-539 ◽  
Author(s):  
Daniel Bin
Keyword(s):  
Economic Policy ◽  
Political Influence ◽  
Well Being ◽  
Brazilian Population ◽  
The Other ◽  
Economic Democracy ◽  
Macroeconomic Policies ◽  
Monetary Policies ◽  
Popular Participation ◽  
Political Inequality

Abstract The objective of this paper is to investigate some of the forms of conduct of macroeconomic policies related to a substantive concept of democracy, characterized by popular participation - direct or through representatives - in decisions that unevenly affect the material well-being of the entire Brazilian population. Special attention is given to decisions about the country's public indebtedness in the years following the launching of the RealPlan. Empirical evidences show a limited democracy, revealed by the material inequality, which in turn reproduces political inequality and restricts real freedom. This is combined with the selective bureaucratic insulation of economic policy decisions, and the parliament's failure to deal with the macroeconomic agenda. The latter is thus left to the control of the executive branch's economic apparatus, which on one hand submits itself to substantial political influence from finance and, on the other hand, restricts popular participation in decisions on both fiscal and monetary policies.

Psychology of the Market and Economic Power (On Psychological Approach of Alan Greenspan to the Analysis of Economic Problems)

2011 ◽  
pp. 99-118
Author(s):  
Yu. Olsevich
Keyword(s):  
Economic Policy ◽  
Institutional Transformation ◽  
The Other ◽  
Economic Power ◽  
Psychological Approach ◽  
Market System ◽  
Economic Problems ◽  
Systemic Crisis ◽  
Micro Level ◽  
The One

The article analyzes the psychological basis of the theory and economic policy of libertarianism, as contained in the book by A. Greenspan "The Age of Turbulence", clarifies the strengths and weaknesses of this doctrine that led to its discredit in 2008. It presents a new understanding of liberalization in 1980-1990s as a process of institutional transformation at the micro and meso levels, implemented by politicians and entrepreneurs with predatory and opportunistic mentality. That process caused, on the one hand, the acceleration of growth, on the other hand - the erosion of informal foundations of a market system. With psychology and ideology of libertarianism, it is impossible to perceive real macro risks generated at the micro level, which lead to a systemic crisis, and to develop measures to prevent it.

scholarly journals Joint Action on cancer iPAAC - building on experience and streamlining recommendations for the future

2020 ◽  
Vol 30 (Supplement_5) ◽  
Author(s):  
M Jelenc ◽  
T Albreht
Keyword(s):  
Cancer Care ◽  
National Level ◽  
Cancer Control ◽  
Professional Community ◽  
The Other ◽  
Consensus Building ◽  
Good Practices ◽  
Policy Initiatives ◽  
European Code ◽  
And Control

Abstract Background Policy initiatives, proposals and projects often end up proposing solutions and/or measures that are eventually either not or only partially implemented or they are lacking a system, which would consistently evaluate their implementation and/or impact. Good solutions are often not visible enough to the broader professional community and it is important to identify certain outstanding challenges in cancer control and policy. Driven by the need to better use the outputs from projects on cancer policy, European Commission was trying to address two challenges - one was in solving the problems with the implementation and use of the solutions that have already been proposed and the other one in identifying the outstanding challenges in cancer policy. Results We have decided to follow the structure to develop a series of recommendations and examples of good practices at the national level by selected areas. These would be streamlined into a roadmap to support policymakers at the national and EU level in formulating their cancer policies. Three pairs of targeted recommendations have been identified: Cancer prevention, including health promotion, implementation of the European Code Against Cancer and the reshaping and extension of cancer registriesGenomics and immunotherapy in cancerChallenges in cancer care and governance of cancer control Conclusions Multinational collaboration can bring about important consensual solutions, which build on the existing good practices in the countries. This can be combined well with the existing work on specific areas, carried out both internationally and nationally. Consensus building on jointly defined challenges represents a task that appears to be resolved rather pragmatically. Key message It is important that advance in cancer care and control are quickly analysed and that policymakers receive up-to-date recommendations to improve their policies on cancer control.

scholarly journals A New Methodology to Study Street Accessibility: A Case Study of Avila (Spain)

2021 ◽  
Vol 10 (7) ◽  
pp. 491
Author(s):  
Manuel Curado ◽  
Rocio Rodriguez ◽  
Manuel Jimenez ◽  
Leandro Tortosa ◽  
Jose F. Vicent
Keyword(s):  
Network Analysis ◽  
The Other ◽  
Centrality Measures ◽  
Innovative Behavior ◽  
Street Network ◽  
Commercial Activity ◽  
Determining Factors ◽  
Combine Network ◽  
The City

Taking into account that accessibility is one of the most strategic and determining factors in economic models and that accessibility and tourism affect each other, we can say that the study and improvement of one of them involved the development of the other. Using network analysis, this study presents an algorithm for labeling the difficulty of the streets of a city using different accessibility parameters. We combine network structure and accessibility factors to explore the association between innovative behavior within the street network, and the relationships with the commercial activity in a city. Finally, we present a case study of the city of Avila, locating the most inaccessible areas of the city using centrality measures and analyzing the effects, in terms of accessibility, on the commerce and services of the city.

scholarly journals The Philippines’ and Singapore’s Journeys towards Liberalised Electricity Supply Industries—Takeaways for Malaysia

Energies ◽  
2020 ◽  
Vol 13 (14) ◽  
pp. 3514
Author(s):  
Hazleen Aris ◽  
Iskandar Shah Mohd Zawawi ◽  
Bo Nørregaard Jørgensen
Keyword(s):  
Best Practices ◽  
The Philippines ◽  
The Other ◽  
Electricity Supply ◽  
Good Practices ◽  
Electricity Supply Industry ◽  
The Third ◽  
Legislative Framework ◽  
Supply Industry ◽  
Asean Countries

Malaysia is in the process of liberalising its electricity supply industry (ESI) further, with the second reform series announced in September 2018. If everything goes as planned, Malaysia would be the third country in the Association of Southeast Asia Nations (ASEAN) to have a fully liberalised ESI after the Philippines and Singapore. A number of initiatives have been in the pipeline to be executed and a lot more will be planned. At this juncture, it is important for Malaysia to look for the best practices and lessons that can be learnt from the experience of other countries that have successfully liberalised their ESIs. Being in the same region, it is believed that there is a lot that Malaysia can learn from the Philippines and Singapore. This paper therefore presents and deliberates on the chronological development of the countries’ progressive journeys in liberalising their ESIs. The aim is to discern the good practices, the challenges as well as the lessons learnt from these transformations. Analysis is being made and discussed from the following four perspectives; legislative framework, implementation phases, market components and impact on renewable energy penetration. Findings from this study would provide useful insight for Malaysia in determining the course of actions to be taken to reform its ESI. Beyond Malaysia, the findings can also serve as the reference for the other ASEAN countries in moving towards liberalising their ESIs.

scholarly journals Fiscal sustainability in cee countries – the case of the Czech Republic, Hungary and Poland

Equilibrium ◽  
2015 ◽  
Vol 10 (2) ◽  
pp. 53 ◽  
Author(s):  
Joanna Mackiewicz-Łyziak
Keyword(s):  
Czech Republic ◽  
Structural Breaks ◽  
Price Level ◽  
Pension System ◽  
Cointegration Analysis ◽  
Fiscal Sustainability ◽  
Unit Root Tests ◽  
The Czech Republic ◽  
Dominance Testing ◽  
Fiscal Dominance

The aim of the study is to assess fiscal sustainability in the Czech Republic, Hungary and Poland and to test for existence of fiscal dominance in these countries in the context of the fiscal theory of the price level. The empirical study is conducted using unit root tests and cointegration analysis with possible structural breaks. The approach is consistent with so called backward-looking approach for fiscal dominance testing proposed by Bohn (1998). The results suggest that in the Czech Republic and Poland fiscal dominance prevailed in the analyzed period, while in Hungary – monetary dominance. The result for Hungary may be caused, however, by a one-time reduction in debt resulting from changes in pension system.

Long-Term Growth and Short-Term Policy

1964 ◽  
Vol 29 ◽  
pp. 26-38 ◽  
Author(s):  
W. A. H. Godley ◽  
J. R. Shepherd
Keyword(s):  
Economic Policy ◽  
Balance Of Payments ◽  
The Other ◽  
High Wage ◽  
Short Term ◽  
High Unemployment ◽  
The Government ◽  
Wage Increases

One of the main aims of short-term economic policy in Britain has been to regulate the pressure of demand for labour, and to keep the fluctuations of the unemployment percentage within fairly narrow limits. High unemployment is obviously undesirable; at the other end of the scale, if the pressure of demand for labour is too strong, this tends to lead to excessively high wage increases and to balance of payments difficulties. It is for the Government to decide at what pressure it wishes to run the economy, and to try to keep it there.

ALTERNATIVE MONETARY POLICIES IN A TURNPIKE ECONOMY

2010 ◽  
Vol 14 (5) ◽  
pp. 727-762 ◽  
Author(s):  
Rodolfo Manuelli ◽  
Thomas J. Sargent
Keyword(s):  
Money Supply ◽  
Optimal Policy ◽  
Optimal Allocation ◽  
Price Level ◽  
Optimal Rate ◽  
Pareto Optimal ◽  
Monetary Policies

This paper modifies a Townsend turnpike model by letting agents stay at a location long enough to trade some consumption loans, but not long enough to support a Pareto-optimal allocation. Monetary equilibria exist that are nonoptimal in the absence of a scheme to pay interest on currency at a particular rate. Paying interest on currency at the optimal rate delivers a Pareto-optimal allocation, but a different one than the allocation for an associated nonmonetary centralized economy. The price level remains determinate under an optimal policy. We study the response of the model to “helicopter drops” of currency, steady increases in the money supply, and restrictions on private intermediation.

The Primal Force of the Great Depression

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
Economic Policy ◽  
Classical Tradition ◽  
Great Depression ◽  
The Other ◽  
Vulnerable Groups ◽  
Stock Market Crash ◽  
The Great Depression ◽  
Classical Economic ◽  
The Impact ◽  
The Brain

This chapter examines the impact of the Great Depression on classical economic ideas. When the Great Depression struck after the stock market crash of October 1929, economists in the classical tradition such as Joseph Schumpeter and Lionel Robbins chose to do nothing. They argued that the depression must be allowed to run its course. The chapter first considers U.S. economic policy under Franklin D. Roosevelt, focusing on how he addressed three visible features of the depression: deflation in prices, unemployment, and the hardship depression suffered by especially vulnerable groups. It also discusses the views of two scholars who belonged to the group known as the Roosevelt Brains Trust (later the Brain Trust), Rexford Guy Tugwell and Adolf A. Berle Jr. Finally, it explores how depression and price deflation led to two efforts to raise prices, one through the National Recovery Act and the other through agriculture.

The Money as the Necessary Link Between Micro and Macro Levels

2021 ◽  
pp. 123-147
Author(s):  
Gancho Ganchev
Keyword(s):  
Price Level ◽  
The Other ◽  
Monetary Theory ◽  
Optimal Solutions ◽  
Relative Prices ◽  
Monetary Economy ◽  
Velocity Of Money ◽  
The Individual ◽  
Macro Variables ◽  
Theory Paradigm

The aim of the chapter is to introduce money as the necessary link between micro and macro levels. The author starts with a critical appraisal of the neoclassical monetary theory paradigm. The opening argument is that it is not possible to separate the relative prices and price level formation. The interdependence between the price of money and the prices of all the other goods leads to the conclusion of the gross complementarity of money what violates the gross substitutability principle. Further, it is argued that the function of money as medium of exchange in a decentralized monetary economy is only possible under cyclic sequencing of bilateral exchanges. The latter means that new macroeconomic constraint is added to the conventional micro equilibrium requirements. The macro constraint makes possible to derive the individual utility functions from macro variables such as the income velocity of money and the price level. The macro constraint allows also for optimal solutions under the second-best conditions.

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